CFPB plans to eliminate unnecessary regulations

Still in its infancy, the newly formed Consumer Financial Protection Bureau has not been without criticism from free market advocates. However, as the federal agency gets on its feet, it appears to be targeting its own method of implementation: regulations. The CFPB announced this week it is beginning a "targeted review" of regulations it assumed from other agencies to eliminate unnecessary rules, according to Bloomberg. "The bureau has a unique opportunity to streamline and simplify rules to ensure that they are truly making consumer financial markets work better," says Raj Date, de facto head of the agency. "Changes in technology, market practices and the legal landscape may have caused some of these rules to be obsolete, unnecessary, redundant or counterproductive." The new agency has already begun on-site reviews of the country's largest banks. The news comes as a number of top banks struggle to find new sources of revenue following a new cap on debit card transaction fees. A number of leading banks, including Bank of America, Citibank and SunTrust, have since rescinded their plans for new fees on debit card use.